TikTok owner ByteDance unveils a cash loan app to tap China’s finance sector

Users can get loans up to RMB 200,000 (USD 28,644) at a daily interest rate as low as 0.05% in minutes.

Tuchong:Photo:Stock.tuchong.com

ByteDance, which owns popular short-video apps TikTok and Douyin, has unveiled a loan granting app called Manfen on selected Android app marketplaces such as Tencent’s Yingyongbao, 36Kr reported on Thursday.

Via this app, users can apply for a loan up to RMB 200,000 (USD 28,644) at a daily interest rate as low as 0.05%, after providing a valid phone number, identity card information, and a face-scan procedure.

Manfen also promotes credit cards issued by major Chinese banks such as China Merchants Bank.

This new app could help ByteDance to make a foray into China’s finance sector to better monetize its huge user base. The firm has set a revenue target of RMB 100 billion (USD 14 billion) for this year, doubling what it’s achieved in 2018, KrASIA reported.

ByteDance’s main competitor Tencent has long been in the finance sector. WeChat hosts a channel called Wei Li Dai, allowing its users to get loans easily.

Manfen is not currently available on Apple’s App Store.